Cerebras Raises $5.55B in Largest AI IPO Ever
Cerebras Systems raised $5.55 billion in its IPO on May 14, 2026, pricing 30 million shares at $185 each on the Nasdaq. The Sunnyvale chipmaker achieved a $56.43 billion valuation and analysts called it "the largest AI IPO of all time." Shares opened 90 percent above the IPO price as demand exceeded supply by more than 20 times. Just two weeks earlier, Cerebras had projected raising only $3.5 billion. The company withdrew its 2024 filing after G42, a UAE firm that provided 85 percent of its revenue, triggered a national security review.
Psyche spacecraft to slingshot past Mars on Friday
NASA's Psyche spacecraft will perform a close flyby of Mars on Friday, using the planet's gravitational pull as a slingshot toward a metal asteroid in the asteroid belt. The spacecraft will pass within 2,800 miles of Mars at 12,333 mph, with all science instruments activated to capture thousands of images and conduct calibration tests. Launched in October 2023, the spacecraft is on a 2.2-billion-mile journey to asteroid Psyche, a 173-mile-long body scientists believe may be the exposed nickel and iron core of a shattered fledgling planet. The spacecraft is expected to arrive in 2029 for two years of close study.
Anthropic, Gates Foundation Commit $200M to AI for Global Good
Anthropic and the Bill Gates Foundation announced a $200 million commitment over four years to fund AI-related public goods focused on global health, education, and economic mobility. Anthropic will provide technical staff and Claude platform credits while the Gates Foundation contributes grant funding and program expertise. Key initiatives include improving AI systems for African languages, developing knowledge graphs for teachers in sub-Saharan Africa and India, and supporting drug research for diseases like HPV and preeclampsia. The partnership builds on the Gates Foundation's existing $50 million collaboration with OpenAI announced in January.
US markets hit record highs despite inflation surge
U.S. stock markets rallied on May 13 with the S&P 500 and Nasdaq closing at fresh record highs. Six Magnificent Seven AI giants gained between 1.4 and 3.9 per cent as the tech-heavy Nasdaq rose 1.2 per cent. The rally came despite a Labour Department report showing producer prices jumped 1.4 per cent in April, the largest monthly increase in four years. Boston Fed president Susan Collins suggested rate hikes could be necessary if inflation pressures fail to subside. Morgan Stanley raised its annual S&P 500 target to 8,000 from 7,800.
South Korea's Kospi hits 8,000 for first time
South Korea's Kospi stock index breached the historic 8,000-point level during intraday trading on Friday, reaching around 8,031 points. The rally was driven by positive market sentiment from US President Trump's high-stakes summit with Chinese President Xi. Foreign investors continued selling for the sixth consecutive session, dumping approximately 2.1 trillion won in Korean shares, while retail and institutional buyers absorbed the sales. Battery makers LG Energy Solution and Samsung SDI surged 4.3 percent and 4.09 percent respectively, and the Korean won weakened to 1,496.4 against the US dollar.
Honda halts $15B Ontario EV complex after first loss since 1957
Honda has indefinitely suspended its $15-billion plan to build an electric vehicle complex in Ontario, posting its first operating loss since 1957. The company reported a net loss of 424 billion yen ($2.7 billion) for the fiscal year, largely due to a write-down tied to its EV business. CEO Toshihiro Mibe said Honda will refocus on hybrid and combustion-engine models. The company remains committed to its Alliston plant, which produced 400,000 vehicles in 2025. US tariffs on non-US content and declining EV sales, down 26 percent in the first quarter of 2026, have strained the broader auto industry.
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- EU sanctions West Bank settlers; Israel cries foul. EU moves to sanction violent West Bank settlers, prompting Israeli condemnation of "moral distortion" and a debate over how to characterize Jewish extremism in the territories.
- Xi warns Trump of 'dangerous' confrontation risk over Taiwan. During talks in Beijing, Xi invoked the Thucydides Trap—the concept describing how war erupts when rising powers challenge established ones—to caution that mishandling Taiwan would risk a dangerous U.S.-China confrontation.
- BRICS Divide Over Iran War at New Delhi Talks. Internal disagreements have prevented the expanded bloc from reaching a unified position on the US-Israeli war against Iran, with member tensions particularly acute between Iran and the UAE.
- Court Orders Arrest of Zelenskiy's Top Ally on Money Laundering. Ukrainian prosecutors allege Andriy Yermak, once seen as Ukraine's second most powerful figure, laundered funds through a luxury housing development outside Kyiv. The case marks the closest investigators have reached into President Zelenskiy's inner circle.
- China Offers to Help End Iran War, Reopen Key Oil Chokepoint. Xi told Trump he wants a deal and committed to not supplying military equipment to Tehran, though Beijing has not confirmed the offer. China holds leverage as Iran's largest oil buyer, importing roughly 45 percent of its energy exports.